The South Iceland seismic zone is, roughly speaking, situated between two sections of the mid-Atlantic ridge, i.e., the Reykjanes Ridge southwest of Iceland and the Eastern Volcanic Zone on the island. It is a transform zone, where earthquakes are expected to occur on E-W-trending left-lateral shear faults, equivalent to conjugate, N-S-oriented right-lateral, rupture planes. In fact, earthquakes take place on en-echelon N-S-oriented faults, which is indicated by the distribution of main shock intensities, aftershocks as well as by surface fault traces. The stress field continuously generated in the fault zone by opening of the adjacent ridges is computed and superimposed on the stress field changes induced by a series of 13 earthquakes (M ≥ 6) between 1706 and 2000. The level of the pre-seismic stress field is analysed as well as the size of the area under high stress. Finally, the post-seismic stress field of June 2000 is analysed, to see where high stresses might have accumulated. The modelling indicates that the rupture planes located on separated parallel N-S-striking zones are dense enough to lead to an area-wide stress release by the series of events. The obtained pre-seismic stress level for most events is high and stable with the exception of situations when several strong shocks occur over a time span of several days, i.e., display typical main shock-aftershock patterns. The size of areas under high stress aside from of the rupture plane, i.e., where no event occurs at the specific time, is of medium to small size.